Toyota Motor Corp., in a close race with General Motors for the title of the world's top automaker, on Monday lowered its global sales target for 2008 as US demand slumps.
The Japanese auto giant said it forecast global sales of 9.5 million vehicles this year, down from a previous estimate of 9.85 million.
“The target was lowered because of slower markets in Japan, the US and Europe,” said company spokesman Paul Nolasco.
“This has been triggered by the US economic stagnation, rising material costs, increasing petroleum prices and some other factors.”
But he said Toyota was still aiming for a one percent increase in sales compared with last year, helped by rising sales in China.
Toyota has enjoyed fast-growing sales and profits in recent years, but a US economic slump and soaring commodity costs have put the brakes on its expansion.
The Japanese giant is now stepping up its focus on emerging markets such as China, India, Russia and Brazil.
Toyota Motor Corp. said last week its global group sales rose 2.2 percent in the six months to June from a year earlier to about 4.82 million vehicles, ahead of GM which sold 4.54 million vehicles in the same period.
